PSA had a major stronghold in the Iranian market through joint ventures with the local manufacturers Khodro and Saipa, selling just under 450,000 cars or approximately 1% of its global sales.
PSA has bought the European operations of General Motors in Europe and is currently looking to launch a new car-sharing service in the United States. For the moment, PSA does not have major stakes
PSA follows a similar decision by French energy giant Total.
The move indicates that while EU member states are willing to remain committed to the nuclear deal with Iran, the introduction of US sanctions means that Brussels cannot shield EU companies.
Following the merger with GM Europe, PSA has taken over iconic brands, including Germany’s Opel and the UK’s Vauxhall, emerging as the second biggest manufacturer in Europe. While the US is not a major market for PSA, sanctions could have significant implications by disrupting market access in other services as well as the groups financial outlook.
https://www.neweurope.eu/article/french-psa-leaves-iranian-market-due-us-sanctions/